-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UvlHQBqIEdBdk8EyHXtqP57XB7aXwiflWwcrAbFKDWfuagkZr9rse9pzbhhoESYw /bQ3jJwmHKo31ZlhNsASow== 0000950129-02-001661.txt : 20020415 0000950129-02-001661.hdr.sgml : 20020415 ACCESSION NUMBER: 0000950129-02-001661 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020401 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INPUT OUTPUT INC CENTRAL INDEX KEY: 0000866609 STANDARD INDUSTRIAL CLASSIFICATION: MEASURING & CONTROLLING DEVICES, NEC [3829] IRS NUMBER: 222286646 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12691 FILM NUMBER: 02595798 BUSINESS ADDRESS: STREET 1: 11104 W AIRPORT BLVD STREET 2: SUITE 200 CITY: STAFFORD STATE: TX ZIP: 77477 BUSINESS PHONE: 2819333339 MAIL ADDRESS: STREET 1: 11104 W AIRPORT BLVD STREET 2: SUITE 200 CITY: STAFFORD STATE: TX ZIP: 77477 8-K 1 h95512e8-k.txt INPUT/OUTPUT INC - APRIL 1, 2002 ================================================================================ FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 APRIL 1, 2002 (Date of Report, date of earliest event reported) INPUT/OUTPUT, INC. (Exact name of registrant as specified in its charter) Commission file number 1-13402 DELAWARE 22-2286646 (State or other jurisdiction (I.R.S. Employer of incorporation) Identifications No.) (281) 933-3339 (Registrant's telephone number, including area code) 12300 PARC CREST DR., STAFFORD, TEXAS 77477 (Address of principal executive offices) (Zip Code) ================================================================================ ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE. A press release regarding our change in accounting method for the sale and lease of certain land and buildings during the quarter ended September 30, 2001 was issued by us on April 1, 2002 and is attached hereto as Exhibit 99.1 and incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. The following Exhibit is filed as part of this report.: Exhibit 99.1 Press Release dated April 1, 2002. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. INPUT/OUTPUT, INC. April 1, 2002 /s/ MARTIN DeCAMP ------------------------------ Martin DeCamp Vice President - Accounting 3 EX-99.1 3 h95512ex99-1.txt PRESS RELEASE - ANNOUNCES NONCASH RECLASSIFICATION EXHIBIT 99.1 INPUT/OUTPUT ANNOUNCES NON-CASH BALANCE SHEET RESTATEMENT OF SALE/LEASEBACK TRANSACTION BALANCE SHEET RESTATEMENT TO HAVE NO IMPACT ON EARNINGS HOUSTON, April 1, 2002 -- Input/Output, Inc. (NYSE: IO) today announced a non-cash balance sheet restatement associated with the previously-reported sale/leaseback of its Stafford facilities completed in August 2001. I/O will record the lease as a financing transaction rather than as a sale/leaseback as previously reported in I/O's Form 10-Q for the quarter ended September 30, 2001. The restatement of the sale/leaseback transaction will have no effect on I/O's previously reported earnings for the third quarter of 2001 nor I/O's results of operations over the life of the lease. The restatement will result in I/O increasing both assets and liabilities by $17.0 million by reporting its leased Stafford facilities as an asset classified as property, plant and equipment and by reporting the discounted present value of its future lease payments as a long-term obligation. Obligations relating to the sale/leaseback transaction were disclosed in the third quarter report on Form 10Q, to which a copy of the lease was filed as an exhibit. The restatement also has no impact on the future obligations under the lease, which were previously disclosed. The Company will amend its quarterly report previously filed with the SEC as soon as practicable. "We are disappointed that this restatement has been required at such a late point in time." stated Timothy J. Probert, I/O's Chief Executive Officer. "We wish to stress that the restatement does not impact our cash position or liquidity, nor does it change our results from operations or our future obligations pursuant to the lease. The long-term fundamentals of our business operations and business plan remain unchanged and positive." Input/Output, Inc. is an industry leader in seismic acquisition technology for land, marine, transition zone exploration, production and reservoir monitoring. The Company specializes in technology that creates value for the energy industry in the areas of 2D, 3D, 4D and multi-component seismic data. Additional information on Input/Output, Inc. is available on the Internet at www.i-o.com or contact us at ir@i-o.com. This press release contains various forward looking statements and information with respect to future results of operations, future business and operations and certain other matters. These statements are based on management's belief as well as assumptions made by and information currently available to management. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions including, among other matters, the risks discussed in the Company's reports filed under the Securities Exchange Act of 1934. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. 4 INPUT/OUTPUT, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS REPORTED AND RESTATED (IN THOUSANDS, EXCEPT SHARE DATA)
RESTATED REPORTED SEPTEMBER 30, SEPTEMBER 30, 2001 2001 (UNAUDITED) (UNAUDITED) ------------- ------------- ASSETS CURRENT ASSETS: Cash and cash equivalents...................................... $ 96,060 $ 96,060 Restricted cash................................................ 249 249 Accounts receivable, net....................................... 57,864 57,864 Current portion notes receivable, net.......................... 2,628 2,628 Inventories.................................................... 76,066 76,066 Deferred income tax asset...................................... 12,785 12,785 Prepaid expenses............................................... 2,011 2,011 --------- --------- Total current assets................................... 247,663 247,663 Long-term notes receivable........................................ 5,895 5,895 Deferred income tax asset......................................... 42,440 42,440 Property, plant and equipment, net................................ 42,522 27,275 Goodwill, net..................................................... 46,132 46,132 Other assets, net................................................. 7,661 5,893 --------- --------- Total assets........................................... $ 392,313 $ 375,298 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt........................... $ 2,565 $ 1,750 Accounts payable............................................... 14,418 14,418 Accrued expenses............................................... 20,088 20,136 --------- --------- Total current liabilities.............................. 37,071 36,304 Long-term debt, net of current maturities......................... 20,402 500 Other long-term liabilities....................................... 680 4,334 Stockholders' equity: Cumulative convertible preferred stock, $0.01 par value; authorized 5,000,000 shares; issued and outstanding 55,000 shares at the end of both periods (liquidation value of $55 million)................... 1 1 Common stock, $0.01 par value; authorized 100,000,000 shares; outstanding 51,322,067 shares and 50,936,420 shares, respectively ............................................... 516 516 Additional paid-in capital..................................... 358,802 358,802 Accumulated deficit............................................ (16,354) (16,354) Accumulated other comprehensive loss........................... (5,928) (5,928) Treasury stock, at cost, 281,398 shares and 243,500 shares, respectively......................................... (2,162) (2,162) Unamortized restricted stock compensation...................... (715) (715) --------- --------- Total stockholders' equity.................................. 334,160 334,160 --------- --------- Total liabilities and stockholders' equity............. $ 392,313 $ 375,298 ========= =========
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